Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/fib/re/810101.fib

Text File | 1993-08-23 | 8KB | 185 lines

THE STATE OF ALABAMA
COUNTY OF _______________________

This indenture made on ______________, between
_______________________ of _________________________, City  of
_____________________, County of _______________________, State of
_____________________, herein referred to as  MORTGAGOR, and
_____________________, herein referred to as MORTGAGEE,
WITNESSETH:

WHEREAS, Mortgagor is just indented to mortgagee in the principal
sum of $ ______________________ ( _______________________________
__________ & _____/100 dollars) as evidenced by a note bearing the
same date as this mortgage, payable as follows:

_______________________________________________________

NOW, THEREFORE, MORTGAGOR, in consideration of the premises and
to secure the payment of the indebtedness and the compliance with
all the stipulations herein contained, has bargained and sold,
and does hereby grant, bargain, sell, assign, and convey unto
Mortgagee, its successors and assigns, the following-described
real estate situated in the County of _____________, State of
Alabama:

__________________________________________________

together with all the rights, privileges, tenaments, and
appertunances thereunto belonging or in any way appertaining, and
all fixtures now or hereafter attached to or used in connection
with the premises herein described and in addition thereto the
following-described household appliances that are and shall
deemed to be fixtures and a part of the realty, and are a portion
of the security for the indebtedness herein mentioned:


To have and to hold the premises and any part thereof, unto
Mortgagee, its successors and assigns forever.


               SECTION ONE COVENANT OF TITLE

Mortgagor covenants with mortgagee that mortgagor is lawfully
seized in fee simple of the premises and has a good right to sell
and convey the same; that the premises are free of all
encumbrances, and that mortgagor will warrant and forever defend
the title to the same unto mortgagee, its successors and assigns
against the lawful claims of all persons whoever. Provided,
however, that this conveyance is subject to the following:

______________________________________________________


SECTION TWO PAYMENT OF TAXES AND INSURANCE

For the purpose of further securing the payment of the
indebtedness herein mentioned, mortgagor hereby agrees to pay  all
taxes, assessments, or other liens taking priority over this
mortgage, when imposed legally on the premises, and if default is
made in the payment of the same or any part thereof, Mortgagee at
its option, may pay the same.

To further secure the indebtedness herein mentioned, and every
portion thereof, mortgagor agrees to keep the property
continuously insured in such manner and in such companies as may
be satisfactory to mortgagee, for at least $ ________ (_________
________________ & ____/100 dollars) against loss by  fire and $
__________ ( __________________& ____/100 dollars) against loss by
tornado, with loss, if any, payable to mortgagee as its interest
may appear; and if mortgagor fails to keep the property insured
as specified above, then mortgagee may, at its option, insure the
property for its insurable value against loss by fire and
tornado, for its own benefit, the proceeds from such insurance,
if collected, to be credited on the indebtedness secured by this
mortgage, less the cost of collecting the same, or, at the
election of mortgagee, may be used in repairing or reconstructing
the premises; all amounts so expended by mortgagee for insurance,
or for the payment of taxes, assessments, or any other prior
liens, shall become a debt to and at once payable, without demand
on or notice to any person, to mortgagee, in addition to the
indebtedness hereby specially secured, shall be secured by the
lien of this mortgage, and shall bear interest from date of
payment by mortgagee, and at the election of the mortgagee, and
without notice to any person, mortgagee may declare the entire
indebtedness secured by this mortgage due and payable, and this
mortgage subject to foreclosure, and the same may be foreclosed,
as herein provided.
Section 3 Care of Premises
Mortgagor agrees to take good care of the premises described
above, and not to commit or permit any waste thereon, and to
keep the same repaired, and at all times to maintain the same in
as good condition as they now are, reasonable wear and tear
alone excepted.

Section Four FORBEARANCE NOT A WAIVER

Mortgagor agrees that no delay or failure of mortgagee to
exercise any option to declare the maturity of any debts secured
by this mortgage shall be taken or deemed as a waiver of its
right to exercise such option, or to declare such forfeiture,
either as to any past or present default. No terms or conditions
contained in this mortgage can be waived, altered, or changed
except as evidenced in writing, signed by mortgagor and by an
authorized officer of mortgagee.
Section Five  RENTS, ISSUES, AND PROFITS
After any default on the part of the mortgagor, mortgagee shall,
upon bill filed or the proper legal proceedings commenced for the
foreclosure of this mortgage, be entitled, as a matter of right,
to the appointment by any competent court or tribunal, without
notice to any party, of a receiver of the competent court or
tribunal, without notice to any party, of a receiver of the
rents, issues, and profits of the premises, with power to lease
and control the premises, and with such other powers as may be
deemed necessary.
Section Six  CONSEQUENCES OF DEFAULT

On condition, however, that if mortgagor pays the note and any
renewals or extensions thereof and all other indebtedness secured
by this mortgage, and reimburses mortgagee for any amount it may
have expended in payment deficiency in the amount of such
aggregate monthly payment shall, unless made good by mortgagor
prior to the due date of the next such payment, constitute an
event of default under this mortgage. Mortgagee shall not be
liable for interest on such sums collected and held by it. If the
total payments made by mortgagor under this paragraph exceed the
amount of payments actually made by mortgagee for taxes,
assessments, and insurance premiums, such excess shall be
credited by mortgagee on subsequent payments to be made by
mortgagor. If, however, the monthly payments made by mortgagor
under this paragraph are not sufficient to pay taxes,
assessments, and insurance premiums when the same became due and
payable, then mortgagor will pay to mortgagee any amount
necessary to make up the deficiency, on or before the date when
payment of such taxes, assessments, or insurance premiums shall
be due. If mortgagor tenders to mortgagee, in accordance with the
provisions of the note secured hereby, full payment of the entire
 indebtedness evidenced by the note, mortgagee shall, in computing
 the amount of such indebtedness, credit to the account of
mortgagor any balance remaining in the funds accumulated and held
by mortgagee under the provisions of this  paragraph. If there is
a default under any of the provisions of this  mortgage resulting
in a public sale of the premises covered hereby, or if mortgagee
acquires the property otherwise after default, mortgagee shall
apply, at the time of commencement of such proceedings, or at the
time the property is otherwise acquired, the balance then
remaining in the funds accumulated under this paragraph as a
credit against the amount of principal then remaining unpaid
under the note.
In witness whereof, the undersigned has hereunto set his hand the
day and year first above written.




____________________________________
_______________________


Witnesses as to _______________________:


____________________________________________


____________________________________________


STATE OF ____________________

COUNTY OF ___________________

_______________________ personally appeared be